Cheapest Car Insurance Companies of April 2025 in Singapore

Finding affordable car insurance in Singapore is essential for any driver, especially with the rising costs of vehicle ownership. This guide will help you navigate the options and discover the cheapest car insurance companies in Singapore without compromising on necessary coverage. We'll explore different categories, compare insurers, and provide expert tips to help you secure the best deal on your car insurance.

When it comes to finding the cheapest motor insurance in Singapore, it's important to consider your individual needs and priorities. While some insurers excel in offering the lowest base premiums, others provide valuable discounts or features that can ultimately result in greater savings.

Based on our analysis and using SingSaver's car insurance comparison tool, here are some of the top contenders for the cheapest car insurance in Singapore for various needs:

• For the average driver: Allianz Motor Protect (Comprehensive) offers a stripped-down approach focusing on essential coverage at an affordable price. Their no-additional-premium Agreed Value Payout at Total Loss benefit can also provide significant savings in the event of total loss of your vehicle.

• Most affordable overall: Singlife Car Insurance (Prestige) may seem pricey at first glance, but its waiver of excess for windshield repairs and young/inexperienced drivers, along with a lower NCD deduction, can lead to substantial savings in the long run, especially for those more prone to accidents.

• Looking for the absolute cheapest: Etiqa Third Party Only Private Car Insurance takes the lead with its adjustable excess, allowing you to lower your premiums by taking on a higher excess. Their lower vulnerable driver excess can also be beneficial for certain drivers.

• High coverage needs at a reasonable price: MSIG (MotorMax Plus) offers a compelling balance of comprehensive coverage and affordability. While not the cheapest, its high personal accident and loan protection coverage, along with the potential for a new-for-old replacement, provide valuable benefits for a slightly higher premium.

• Value flexibility and control: HLAS Car Insurance (Comprehensive) gives you the freedom to choose your own repair workshops and adjust your excess, allowing you to customise your coverage and potentially save on costs.

Remember that the cheapest car insurance for one driver might not be the cheapest for another. It's crucial to compare personalised quotes based on your individual profile and needs to find the most affordable option. Use SingSaver's comparison tool to easily compare quotes and identify the cheapest car insurance in Singapore that meets your requirements.

Securing affordable car insurance after an accident can be challenging, as insurers often perceive higher risk

Unlike most other car insurance plans, HLAS Car Insurance doesn’t try to lock you into using only authorised workshops for repairs and maintenance.

Instead, you have complete freedom to choose any workshop you want, but you can get a 50% discount on your applicable excess, should you choose an authorised workshop. 

Combine this with the freedom to set the excess you want for claims, and you have an affordable car insurance policy that can help you save money when it matters.

You can save on your premiums by setting a higher excess. Then, when the need arises, send your car for repairs at an authorised workshop to pay only half of your excess. That’s a win-win for you

Finding the cheapest car insurance often depends on your age and circumstances. Here's a breakdown of the most affordable car insurance options in Singapore based on different age-related driver profiles and requirements:

Cheapest for young drivers: Singlife Motor Lite

What makes Singlife Car Insurance (Prestige) so attractive is the waiver of excess for windshield repairs (normally S$100) - this already provides instant potential savings in case of an accident. 

Additionally, whereas other insurers deduct up to 30% of your NCD for ‘at-fault’ claims, Singlife deducts just 10%. Don’t underestimate the effect of this difference - by imposing a less harsh deduction, you not only save money, but will also find it easier to get back to the maximum 50% discount. 

Another notable advantage is the 24-month eligibility period for getting a brand-new replacement for your car. Other insurers limit this to just 12 months.

Cheapest for senior drivers: Etiqa Third Party Only Private Car Insurance

Looking for cheap car insurance? Etiqa Third Party Only Private Car Insurance ranks as our cheapest in the list.  

What makes this plan attractive is that you can choose your own level of excess for any ‘at fault’ claims. Choosing a higher excess will lower your premiums, helping you save more money. 

However, if you do get into an accident and are found to be at fault, you’ll need to cough up the higher excess. Hence, be sure to hedge your risk by choosing an excess level you can comfortably afford.

Further savings offered by this plan comes in the form of the vulnerable driver excess, which is set at S$2,000 (compared to S$2,500 or more for other insurers).

While this lower excess presents potential savings, do note that the definition is broader than most - it also includes elderly drivers, in addition to the conventional young and inexperienced classifications.  

If you don't drive regularly, you could consider Etiqa's Drive Less Save More add-on as it could potentially help you save up to 30% in cash rebates yearly. To enjoy these rebates, simply upload a photo of your odometer and vehicle number, and upload them to Tiq by Etiqa app. However, do note that this add-on is only valid for new businesses.

Navigating the landscape of car insurance in Singapore requires understanding how driver risk profiles influence pricing. Whether you're a seasoned driver with a spotless record, or someone with a history of claims or traffic infractions, the cost of coverage varies significantly.

Cheapest for safe drivers: Allianz Motor Protect

Designed for those who want an affordable car insurance plan that’s ‘just enough’, Allianz Motor Protect goes for a stripped-down approach, focusing on covering the most common scenarios that average drivers are likely to encounter. That said, you’ll have to pay extra for NCD protector. 

The Comprehensive plan is, of course, the most holistic Allianz Motor Protect plan there is though it is important to note that additional premium applies to optional cover for personal accident and medical expenses and choice of repair workshop, too. 

A benefit that’s rarely seen but worth mentioning is the no-additional-premium, Agreed Value Payout at Total Loss benefit exclusive to the Comprehensive plan. This benefit pays you the value agreed at the start of the policy year, in the event of total loss of your car. In short, it helps preserve the value of your car against monthly depreciation! You can read more about it in our Allianz Motor Protect car insurance review here.

This low-cost car insurance is ideal for drivers who want adequate coverage without having to pay for extra perks that may only be situationally useful. The flexibility afforded in designing their own preferred coverage is a prized one amongst drivers.

Cheapest for high-risk drivers (e.g. frequent claims, previous traffic offenses): MSIG MotorMax

MSIG MotorMax Plus isn’t the cheapest motor insurance plan in the market.

However, it’s not very much more expensive than its peers, but offers amongst the highest benefits for personal accident, loan protection and damages.

The policyholder will gain S$100,000 coverage for personal accidents, while any authorised drivers and passengers are covered for S$50,000.

There is also a loan protection benefit of up to S$100,000, which is useful for paying off any remaining car loans should you become unable to do so.

And if your insured vehicle is less than 12 months old, you are also entitled to a new-for-old replacement of up to S$100,000 in case of extensive car damage.

Having these benefits can allow you to cover crucial gaps in your finances.

Remember that these are just a few examples, and the cheapest car insurance for your specific needs might vary. Always compare car insurance quotes from multiple insurers using SingSaver's comparison tool to find the most affordable option that meets your individual requirements.

Finding the cheapest car insurance in Singapore starts with comparing quotes from multiple insurers. Don't settle for the first quote you receive – explore your options and see how different insurers stack up against each other. SingSaver's car insurance comparison tool makes this process easy and convenient. Simply enter your details and compare personalised quotes side-by-side, allowing you to identify the most affordable options that meet your needs.

Here are some additional tips to help you secure the cheapest car insurance quotes:

• Maintain a clean driving record: Avoid accidents and traffic violations to earn No Claim Discounts (NCDs), which can significantly lower your premiums.

• Opt for a higher excess: Increasing your excess (the amount you pay out-of-pocket in the event of a claim) can often lead to lower premiums. However, ensure you can comfortably afford the higher excess if you need to make a claim.

• Consider lower coverage for older cars: For older vehicles, comprehensive coverage might not be the most cost-effective option. Explore third-party fire and theft or third-party-only coverage to see if they better suit your needs and budget.

• Ask for discounts: Many insurers offer various discounts based on factors like your age, driving experience, occupation, or even your vehicle's safety features. Inquire about any available discounts to maximise your savings.

• Cash in on major life changes: Life events like getting married, buying a house, or having a child can sometimes affect your car insurance premiums. Inform your insurer of any significant changes, as you might be eligible for a discount.

Reddit users in Singapore actively discuss strategies for finding the cheapest car insurance. Here are some common themes and insights from these discussions:

• Online comparison is key: Users emphasise the importance of using online comparison tools like SingSaver to quickly compare quotes from multiple insurers.

• Look beyond the big names: Consider smaller or lesser-known insurers that might offer more competitive rates.

• Read the fine print: Pay close attention to policy terms and conditions to avoid hidden fees or surprises.

• Consider usage-based insurance: If you don't drive frequently, explore usage-based insurance options where your premium is calculated based on your actual mileage.

READ MORE: 10 Best Car Insurance in Singapore To Consider in 2025

Furthermore, we continuously monitor and update our information to reflect changes in pricing, promotions, and policy details, ensuring our comparisons are always accurate and relevant. Our rigorous methodology and commitment to transparency ensure that you can trust SingSaver to provide reliable and unbiased car insurance comparisons, empowering you to make informed decisions about your coverage.